NFLX And The Key Stock Market Levels To Beat For Next Week

Welcome back everyone! We are going to take a look at what we are looking for going into next week. We closed strong and weak in different areas. You have distribution bars on the DAX, NASDAQ, and RUSSELL. You are closing into distribution on the S&P and DOW. Everything here either closed into distribution set from around a week ago.

These are clear and well defined areas that we need to work through. The RUSSELL is going to be even tougher because it has multiple layers that aren’t being tested. Anything below these levels are going to be problematic. We have to get through those distribution areas. That is where one or more institutions stopped the market from going up, and also driven it back down. Those are going to be key areas. The 13200 level on the DAX is going to be important. The 640000 on the NASDAQ will be important. Roughly the 25500 level on the DOW will be important. We have to get above the 156200 area on the RUSSELL. The S&P is going to have challenges, particularly through 266000. We have some major resistance bands. That is what needs to be broken through.

There are a host of reasons that could be. We don’t care what their reasons are. We just care what the overall market opinion is. We are going to be watching that very closely into next week.

A lot of people have been asking me about NFLX because of the price change. My response is that nothing has changed since a few months ago where I shared the 200 dollar round number resistance levels. We were looking for a close in demonstration that the level was going to close above and hold support. It closed above 200 with all things going well. It ended up pulling back. It proved once again how important the 200 dollar level is. Until that time we get above, pull back, hold the 200 dollar level, and take back off, Netflix isn’t for me. It used a ton of energy to get up to those levels. Where is the energy now?

You guys have a phenomenal weekend! We are all slowly but surely getting ready for the holidays. I hope to see everyone in the Live Trading Room tomorrow morning or in tomorrow night’s videos.

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